In 1981, McLaren merged with Ron Dennis' Project Four Racing; Dennis took over as team principal and shortly after organised a buyout of the original McLaren shareholders to take full control of the team. This began the team's most successful era: with Porsche and Honda engines, Niki Lauda, Alain Prost, and Ayrton Senna took between them seven drivers' championships and McLaren six constructors' championships. The combination of Prost and Senna was particularly dominant—together they won all but one race in 1988—but later their rivalry soured and Prost left for Ferrari. Fellow English teamWilliams offered the most consistent challenge during this period, the two winning every constructors' title between 1984 and 1994. However, by the mid-1990s, Honda had withdrawn from Formula One, Senna had moved to Williams, and the team went three seasons without a win. With Mercedes-Benzengines, West sponsorship, and former Williams designer Adrian Newey, further championships came in 1998 and 1999 with driver Mika Häkkinen and during the 2000s the team were consistent front-runners, driver Lewis Hamilton taking their latest title in 2008.

Ron Dennis retired as McLaren team principal in 2009, handing the former role to longtime McLaren employee Martin Whitmarsh. At the end of 2013, after the team's worst season since 2004, Whitmarsh was ousted. McLaren announced in 2013 that they would be using Honda engines from 2015 onwards, replacing Mercedes-Benz. The team raced as McLaren-Honda for the first time since 1992 at the 2015 Australian Grand Prix.